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New Plant Goes Online and Boosts Capital Supply 40%

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E-Power S.A., the first private-sector power generation project in Haiti delivered on the basis of international tendering, started operations in Port-au-Prince Jan. 13, a year and a day after the devastating 2010 earthquake. The $56.7-million, 30-Mw, heavy fuel-oil-fired power plant will boost capacity in Port-au-Prince by 40%. IFC, a member of the World Bank Group that focuses on the private sector in developing countries, provided long-term $17-million financing, and syndicated an additional $12 million from the Netherlands Development Finance Company (FMO). The utility is 60%-owned by local investors with Korea East-West Power Co. Ltd, a Korean electricity utility, also holding a 30% stake. The project was delivered by Hyundai Heavy Industries, Co. Ltd and its spin-off, DECCO Ltd. of Korea. Prior to the earthquake, only 25% of Haiti’s population had access to electricity, with best-served areas receiving a maximum of eight hours per day. The power from the new plant will be sold to the state-owned utility under a 15-year power purchase agreement.

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